Pittsburghers and people across Pennsylvania will be well-acquainted with debt no matter their situation. Even those who have a good job and have a commensurately good salary will have various debts. For those on the lower rungs of the economic ladder, it is often necessary to accrue debt to attend school, purchase a home and make ends meet. However, various expenditures -- credit card debt, student loans and mortgages -- are increasing. It is at the point that people are unable to save significant money in bank accounts or make investments, if they can do that at all. As debts rise and problems come up, it can leave debtors in desperate financial straits.
While there are several types of bankruptcy that can be beneficial for Pittsburgh debtors, only Chapter 7 has the benefit of getting out of debt quickly without needing to pay back any money to unsecured creditors. Of course, Chapter 7 bankruptcy is not suitable to every situation, but for those who either do not have significant property and assets or have property that they are willing to allow to be part of a Chapter 7 liquidation, this is likely the best alternative. Understanding the foundational aspects of a Chapter 7 filing is imperative before deciding.